Gelonghui, November 20 | Open Source Securities Research Report points out that due to weak demand in the downstream industry, Wuzhou Xinchun (603667.SH) revenue growth is under pressure. Increased competitive pressure on the industry combined with a decline in the share of high gross margin products has led to a decline in the gross margin of the company's products. As a result, the decline in net profit in Q3 exceeds the decline in operating income. The bank believes that the downstream market is expected to recover, and that the robotics industry will bring incremental markets to the company and maintain its “buy” rating. Furthermore, the NEV industry brings opportunities for the company's development. From January to September 2023, domestic NEV production and sales volume were 6.09 million units and 6.28 million units respectively, with a year-on-year ratio of +26.7% and 37.5% respectively. The continued high prosperity of new energy vehicles guarantees the long-term development of the company's automotive parts products.